Khalifa Fund to invest over AED 50m on UAE projects

The Khalifa Fund for Enterprise Development has announced funding for a fresh round of UAE industrial projects worth AED 52.5 million.

Speaking at the opening of the Industrial Investment Forum in Abu Dhabi this week, Hussain Jasem Al Nowais, chairman of the fund, said the money would support ten projects planned by Emirati entrepreneurs, Gulf News reported.

"The Fund has also proposed 50 ideas for industrial projects with investments of up to AED 236 million. It is an open invitation to local entrepreneurs with innovative ideas to benefit from the fund's services," he said.

According to the newspaper, applicants must meet the fund's requirement that projects contribute positively to Abu Dhabi's industrial sector performance in line with the government's directives and the Abu Dhabi Vision 2030.

Earlier this week, meanwhile, WAM News Agency reported that the UAE federal government, in partnership with the government of Abu Dhabi, has signed a new contract for establishing the Etihad Trains Company - a body which will aim to create a countrywide rail network.

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